Nationwide Life Insurance Co will pay $8 million to settle charges that it allegedly violated pricing rules in how it processed purchases and redemptions in variable insurance and mutual fund products, U.S. regulators said on Thursday.
The Securities and Exchange Commission said the company is settling the charges without admitting or denying the allegations.
Nationwide said in a statement that it changed its practices in 2011 and cooperated in the SEC investigation. "Nationwide chose to settle this matter to bring closure and remain focused on the needs of its members," the statement said.
(Reporting by Sarah N. Lynch; Editing by Susan Heavey)